Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At September 30, 2015, assets and liabilities measured at fair value on a recurring basis are summarized below:

	September 30, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	11,759	$	11,759
Securities available for sale—equity:
Domestic common stock		31		—		—		31
Securities available for sale—fixed maturity:
States and political subdivisions		—		172,758		—		172,758
Corporate bonds		—		189,480		—		189,480
U.S. agency-based mortgage-backed securities		—		7,595		—		7,595
Total securities available for sale—fixed maturity		—		369,833		—		369,833
Total available for sale	$	31	$	369,833	$	11,759	$	381,623

At December 31, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2014
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	11,748	$	11,748
Securities available for sale—equity:
Domestic common stock		28		—		—		28
Securities available for sale—fixed maturity:
States and political subdivisions		—		157,374		—		157,374
U.S. agency-based mortgage-backed securities		—		8,498		—		8,498
Corporate bonds		—		165,370		—		165,370
Total available for sale—fixed maturity	$	—	$	331,242	$	—	$	331,242
Total available for sale	$	28	$	331,242	$	11,748	$	343,018

Schedule of Assets and Liabilities Measured at Amortized Cost

At September 30, 2015, assets and liabilities measured at amortized cost are summarized below:

	September 30, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	433,916	$	—	$	433,916
Corporate bonds		—		170,490		—		170,490
Commercial mortgage-backed securities		—		43,982		—		43,982
U.S. agency-based mortgage-backed securities		—		15,486		—		15,486
U.S. Treasury securities		13,439		—		—		13,439
Asset-backed securities		—		2,580		—		2,580
Total held-to-maturity	$	13,439	$	666,454	$	—	$	679,893

At December 31, 2014, assets and liabilities measured at amortized cost are summarized below:

	December 31, 2014
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	405,665	$	—	$	405,665
Corporate bonds		—		176,734		—		176,734
Commercial mortgage-backed securities		—		48,529		—		48,529
U.S. agency-based mortgage-backed securities		—		18,672		—		18,672
U.S. Treasury securities		11,792		—		—		11,792
Asset-backed securities		—		2,979		—		2,979
Total held-to-maturity	$	11,792	$	652,579	$	—	$	664,371

Summary of Carrying Values and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying values and corresponding fair values for financial instruments:

	As of September 30, 2015				As of December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	660,250	$	679,893	$	639,631	$	664,371
Fixed maturity securities—available-for-sale		369,833		369,833		331,242		331,242
Equity securities		31		31		28		28
Cash and cash equivalents		99,899		99,899		90,956		90,956
Short-term investments		7,057		7,057		33,684		33,684
Other investments		11,759		11,759		11,748		11,748

Summary of Changes in Fair Value of Assets Measured at Fair Value

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	Nine Months Ended		Twelve Months Ended
	September 30, 2015		December 31, 2014
	(in thousands)
Beginning balance	$	11,748	$	10,591
Total unrealized gains		11		1,157
Ending balance	$	11,759	$	11,748